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Consent Order

Consent Order Elizabeth Ahearn

Date: 08/24/2011
Organization: Division of Banks
Docket Number: 2010-021-CO

Table of Contents


Suffolk, SS.

Docket No. 2010-021-CO


In the Matter of

Formerly Mortgage Loan Originator License No.: MLO114407

WHEREAS, ELIZABETH AHEARN, a formerly licensed mortgage loan originator under Massachusetts General Laws chapter 255F, section 2 and 209 CMR 41.00 et seq., has been advised of her right to Notice and Hearing pursuant to Massachusetts General Laws chapter 30A, section 10 and chapter 255F, section 11(b), and having waived those rights, entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER ("Consent Agreement") with representatives of the Division of Banks ("Division") dated August 24, 2011, whereby, solely for the purpose of settling this matter, and without admission of any violation of law Elizabeth Ahearn agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");

WHEREAS, the Division, through the Commissioner, has jurisdiction over the licensing and regulation of persons and entities engaged in the business of a mortgage loan originator in Massachusetts pursuant to Massachusetts General Laws chapter 255F, section 2;

WHEREAS, the Commissioner initially approved a mortgage loan originator license, license number MLO114407 for Elizabeth Ahearn to engage in the business of a mortgage loan originator on or about December 17, 2008;

WHEREAS, Elizabeth Ahearn's employing entity of record in the Nationwide Mortgage Licensing System ("NMLS"), at all relevant times was Mortgage Master, Inc., license no. MC0226, located at 102 Elm Street, Walpole, MA, 02081;

WHEREAS, on February 9, 2009, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination/inspection ("2009 examination/inspection") of the books, accounts, papers, records, and files that Mortgage Master, Inc. maintained;

WHEREAS, the Division's review of books and records during the 2009 examination/inspection resulted in an allegation by the Division that Elizabeth Ahearn originated five residential mortgage loans on behalf of Mortgage Master, Inc. at times during which, according to her attested NMLS record, she was not licensed as a mortgage loan originator in Massachusetts;

WHEREAS, by prior agreement set forth in the Settlement Agreement, Docket No. 2010-044, entered between Mortgage Master and the Division (the "Settlement Agreement"), Mortgage Master, without admitting any violation of law occurred, agreed to satisfy any administrative penalty assessed against Elizabeth Ahearn in consideration of the alleged mortgage loan originator licensing violations described above; and

WHEREAS, the parties now seek to resolve by mutual agreement, the aforementioned matters.


NOW COME the parties in the above-captioned matter, the Division and Elizabeth Ahearn, and stipulate and agree as follows:

  1. Pursuant to the provisions of the Settlement Agreement, Mortgage Master, without any requirement or obligation to do so, agreed to satisfy an administrative penalty in the amount of five thousand dollars ($5,000.00) which was assessed against Elizabeth Ahearn in consideration of her act(s) of originating residential mortgage loan(s) when she was not licensed as a mortgage loan originator in Massachusetts.
  2. Elizabeth Ahearn, during all relevant times in the future in which a Massachusetts mortgage loan originator license may be held, must comply with all laws and regulations applicable to her conducting the business of a mortgage loan originator, including, but not limited to, Massachusetts General Laws chapter 255F, and the Division's regulation 209 CMR 41.00. Such obligations shall include a duty to ensure strict compliance with Massachusetts General Laws chapter 255F, section 2, which states, in part: "No individual shall act as a mortgage loan originator with respect to any dwelling unless such person has first obtained a mortgage loan originator license from the commissioner…"
  3. This Consent Order shall become effective immediately upon the date of its issuance.
  4. The provisions of this Consent Order shall remain effective and enforceable except to the extent that, and until such time as the Commissioner or a court of competent jurisdiction modifies, terminates, suspends, or sets aside any provision of this Consent Order.
  5. This Consent Order and the Consent Agreement are the complete documents that represent the resolution of this matter. There are no other agreements, promises, representations, or warranties other than those set forth in this Consent Order and the Consent Agreement.


Dated at Boston, Massachusetts, this 24th day of August, 2011

David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts